Cyber Security was listed as #6 in PwC’s “Top financial services issues for 2017”.
The financial services firms are hit by security breach 300 times more than businesses in other industries.
Besides valuable customer data, each security breach incident can cost financial service organizations thousands in revenue loss. One-fifth of financial service organizations reported that they lost more than one million dollars in hourly revenues due to a distributed denial of service (DDoS) attack. A DDoS attack is just one of the common cyber attacks that criminals use to steal funds from financial service organizations.
The financial services firms can’t afford another security breach. Make these three moves this year to protect yourself.
Cyber Security + Anti-Fraud
In 2016 identity fraud was at its second highest level in the past six years, and fraudsters stole $112 billion from banks. These next upcoming years banks will integrate cyber security solutions like biometric authentication that confront two types of fraud: Online fraud and new account fraud.
Online fraud is projected to rise and iovation / Aite Group estimate that hackers will steal $7.2 billion with the use of stolen credit card numbers online and in mobile channels.
New account fraud is another avenue thieves are using to steal from unsuspecting individuals. Fraudsters open up multiple accounts using another’s private information and charge thousands of dollars to their name. New-account fraud makes up 20% of all fraud losses.
Next to fraud see what other cyber security challenges financial service organizations face.
According to the “Banking & Financial Services Cybersecurity: U.S. Market 2015-2020 Report” the U.S. financial services cyber security market will exceed $68 billion between 2016 and 2020, making it the largest non-government cyber security market.
51% of the financial service organizations PwC surveyed said they plan on spending more on cyber security in the future, on services like software, employees and more. 41% of surveyed organizations said they plan to increase spending on third-party partner security.
Fool Proof Authentication
Authentication is vital to prevent future cyber attacks. The pin is no longer a safe form of authentication and some banks around the world have decided to use biometric authentication.
In the summer of 2016 the U.K.-based bank HSBC introduced voice recognition and touch ID services to boost their security measures after a recent online cyber attack.
Over a third of British consumers will choose a bank based on the security measures, and 26% believe that banks could have higher security measures that protect customer’s data from hackers.
Organizations who are interested in learning more about biometric authentication should check out the Gardevant Card.
With an added layer of encryption, the Gardevant Card uses biometric authentication to keep all cardholders and financial service organizations safe from theft and fraud. The Gardevant Card authenticates and verifies the cardholders’ identity with the scan of a fingerprint to make any purchase. The Gardevant Card puts users in full control of their finances.